marzman Posted June 13, 2012 Share Posted June 13, 2012 So... does anyone know if it's possible to set a max limit on the amount of money you can pay towards your student loan in a given month? Im paying roughly £200 a month automatically out of my salary, however i've got a bonus due at the end of July and having used an online calculator im going to be hit with a £1000 payment towards my loan (not including all the tax i'll be paying!) Im going to call the student loans company tomorrow and ask them - however im a bit nervous about telling them why i want to set the limit "Why would you like to set a limit Mr Marshall" "Um... because i'm due a load of money and dont want to give you any... " Any advice would be appreciated. Quote Link to comment Share on other sites More sharing options...
Wasso Posted June 13, 2012 Share Posted June 13, 2012 Just get Ricey to speak with them.... Sorted! In fact he may even get the debt written off for you? Why not ask your employer to make payment by cheque? Quote Link to comment Share on other sites More sharing options...
marzman Posted June 13, 2012 Author Share Posted June 13, 2012 Just get Ricey to speak with them.... Sorted! In fact he may even get the debt written off for you? Why not ask your employer to make payment by cheque? Ha ha... good plan. Im sure they'll end up giving me money back if i get Ricey on the case. The student loan is paid automatically just like my tax, so i dont want to change anything with my company, i need to set the limit at the student loans end if possible. Quote Link to comment Share on other sites More sharing options...
rtbiscuit Posted June 14, 2012 Share Posted June 14, 2012 i earn aditional money for jobs at work, but its put through as a seperate payment almost like a second pay check, i get a p60 for it at the end of the year, and its never been hit with additional SL payments. i think they take a set amount each month calculated by your earnings for the year. they don't look at extras as far as i'm aware. Quote Link to comment Share on other sites More sharing options...
DoogyRev Posted June 14, 2012 Share Posted June 14, 2012 Depending on how much you have left to pay you can switch from taxed at source to direct debit, so you can fix the monthly payments. ..... I asked about this for exactly the same reason, it will take them 2-3 months to set this up. Ended up just paying the loan off Quote Link to comment Share on other sites More sharing options...
Chris`I Posted June 14, 2012 Share Posted June 14, 2012 Depending on how much you have left to pay you can switch from taxed at source to direct debit, so you can fix the monthly payments. ..... I asked about this for exactly the same reason, it will take them 2-3 months to set this up. Ended up just paying the loan off Spot on Jim. I think it's if you have less than a year or there abouts left you can go DD. No other way to avoid it as its a fixed percentage of your monthly. And Rich, you should be declaring that second income on you tax return then SLC will take the extra from you Quote Link to comment Share on other sites More sharing options...
DoogyRev Posted June 14, 2012 Share Posted June 14, 2012 +1 I seem to remember its a year or less than 3k. What ever you won't be able to to anything to change this months wages as its all done at HMRC. Mine took 3 1/2 weeks to process. IIRC the lady I spoke to said changing to DD can take up to 6 months Quote Link to comment Share on other sites More sharing options...
Sarnie Posted June 14, 2012 Share Posted June 14, 2012 Depending on how much you have left to pay you can switch from taxed at source to direct debit, so you can fix the monthly payments. ..... I asked about this for exactly the same reason, it will take them 2-3 months to set this up. Ended up just paying the loan off Spot on Jim. I think it's if you have less than a year or there abouts left you can go DD. No other way to avoid it as its a fixed percentage of your monthly. And Rich, you should be declaring that second income on you tax return then SLC will take the extra from you +1 Student loan deductions are based on EVERY source of income. Once you breach the threshold, it will automatically be deducted at source. If your main income takes you over the threshold then any other income will automatically attract further payments, that's if your informing HMRC about the extra payments via a self assessment if your not PAYE. Chris, suck it, you agreed to the T&C's when you took the loan, now pay it back Quote Link to comment Share on other sites More sharing options...
Chris`I Posted June 14, 2012 Share Posted June 14, 2012 If your main income takes you over the threshold then any other income will automatically attract further payments, that's if your informing HMRC about the extra payments via a self assessment if your not PAYE. Although when I went contracting, then back to permie after a couple of years, it took HMRC so long to catch up, the amount I owed by Self Assesment (for contracting) was wiped as I'd already repaid the whole loan via PAYE. Dipshits Was nice to get the overpayment back though, bought myself a new laptop Quote Link to comment Share on other sites More sharing options...
SteveW Posted June 14, 2012 Share Posted June 14, 2012 I have the same problem at bonus time mate. Can't do anything it just goes. Look on the bright side it's a grand less you'll owe! I think I still owe about 10-12k after paying best part of 170 a month for last 5 years. Can't wait till its paid off! Quote Link to comment Share on other sites More sharing options...
RisingPower Posted June 14, 2012 Share Posted June 14, 2012 I thought it's quite simple, it's taken exactly like tax and ni, you don't generally have much choice in the matter? One reason it is so depressing to see bonuses, you start off with something and end up with pretty much f all Besides, if that's the loan payment on your bonus, the tax and ni must be eye watering Quote Link to comment Share on other sites More sharing options...
Neilp Posted June 14, 2012 Share Posted June 14, 2012 Thank god I never let my missus take out a student loan. Sounds like its a right PITA Quote Link to comment Share on other sites More sharing options...
Chris`I Posted June 14, 2012 Share Posted June 14, 2012 Thank god I never let my missus take out a student loan. Sounds like its a right PITA Its still silly cheap money. You wont find a cheaper way other than bank of mum/dad or interest free credit cards. As far as loans go you wont get cheaper. Used mine to buy my Leon Quote Link to comment Share on other sites More sharing options...
spursmaddave Posted June 14, 2012 Share Posted June 14, 2012 I used my Sudent Loan to move to Sweden for a year, plan was to stay there and never pay it back..... but it ended after a year Quote Link to comment Share on other sites More sharing options...
geoff-r Posted June 14, 2012 Share Posted June 14, 2012 Thank god I never let my missus take out a student loan. Sounds like its a right PITA Its still silly cheap money. You wont find a cheaper way other than bank of mum/dad or interest free credit cards. As far as loans go you wont get cheaper. Used mine to buy my Leon Mis-spent, I used mine for bad heads and a few books here and there Quote Link to comment Share on other sites More sharing options...
Chris`I Posted June 14, 2012 Share Posted June 14, 2012 Thank god I never let my missus take out a student loan. Sounds like its a right PITA Its still silly cheap money. You wont find a cheaper way other than bank of mum/dad or interest free credit cards. As far as loans go you wont get cheaper. Used mine to buy my Leon Mis-spent, I used mine for bad heads and a few books here and there I worked non-term time for my beer money As for books, we were told not to buy them. In the world of IT they reckoned the books were out of date before they were even printed, let alone before we bought or read them. So everything was done online, so didnt cost a thing! Quote Link to comment Share on other sites More sharing options...
rtbiscuit Posted June 14, 2012 Share Posted June 14, 2012 i'll have to go back and check the P60 for the additional payments. as its gone through PAYE, and they take tax and NI out of it, so maybe i didn't notice, but they must have done SL as well. its only a small amount of about £500 for the year for extra teaching in school etc, but by the time the tax mans had it etc its not even close to that amount Quote Link to comment Share on other sites More sharing options...
marzman Posted June 14, 2012 Author Share Posted June 14, 2012 Thanks for the advice all. I called the SLC today and they said there's nothing at all they can do, as it's my company that pays HMRC monthly, and then HMRC pay the SLC annually. They advised me to check with my employer whether they can do anything about it, as in reality they control what is paid to HMRC. Quote Link to comment Share on other sites More sharing options...
Commander Posted June 27, 2012 Share Posted June 27, 2012 Even if If you do manage to get your employer to take less off your bonus repayment, if you do Self Assessment Tax they'll work out that you've underpaid and demand the extra money from you anyway; this happened to me a few years ago Just get it paid off, it's not worth the hassle... This is the last month of me repaying mine, can't tell you how good it feels to get it out the way! More money for the Zed-savings account! Quote Link to comment Share on other sites More sharing options...
wizard Posted June 27, 2012 Share Posted June 27, 2012 I think i'm still paying this back as well. No idea how much I got left though. They just keep taking money from me from my gross. Is there any way you can check? Quote Link to comment Share on other sites More sharing options...
Commander Posted June 27, 2012 Share Posted June 27, 2012 The SLC repayment website is http://www.studentloanrepayment.co.uk.. They should have sent you two letters, one with your username and the other with your password. If you've lost them you can re-discover them via the website too. Failing that, they can also tell you the balance, accept card payments, etc.. over the phone. Their number is 0845 0738 891 (open Mon-Fri from 0800-2000hrs). HTH, Rich Quote Link to comment Share on other sites More sharing options...
Chris`I Posted June 27, 2012 Share Posted June 27, 2012 I think i'm still paying this back as well. No idea how much I got left though. They just keep taking money from me from my gross. Is there any way you can check? Phone SLC and they will tell you whats outstanding and also be able to set you up with web access so that you can manage it from there. Once you get below a certain amount you'll be able to do it by direct debit and then cancel it so you dont get overpayments. I overpaid on mine as I didnt act quick enough, but they returned it pretty quick once I sent them over copies of my pay slip. They will inform your employer to stop making payments so once they do you can get it all back within a few weeks. Used mine to buy a new laptop Quote Link to comment Share on other sites More sharing options...
marzman Posted June 27, 2012 Author Share Posted June 27, 2012 I had an update on this yesterday from my employer... they cant do anything to limit my repayments - so i'm gonna get a £950 deduction from my bonus next month. Quote Link to comment Share on other sites More sharing options...
Chris`I Posted June 27, 2012 Share Posted June 27, 2012 I had an update on this yesterday from my employer... they cant do anything to limit my repayments - so i'm gonna get a £950 deduction from my bonus next month. Sorry to say but you signed up to the loan, its just how it works. I had loads of deductions taken from my bonuses. Still its a cheap loan. If your work had modified it, that would be equivalent to tax evasion as you are duping HMRC out of money. Not a game you want to play, plus if you were then honest on your self assesment (assuming you do one) they'd click the money from that. Quote Link to comment Share on other sites More sharing options...
Sarnie Posted June 27, 2012 Share Posted June 27, 2012 The joys of paying for beers in the Student Union 15 years ago (I'm still paying/avoiding mine ) Quote Link to comment Share on other sites More sharing options...
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